1 Out Of 2 Indian EV Owners Wants To Shift Back To Petrol/Diesel Cars: Park+ Survey
Electric cars over the last few months have been losing traction in India as well as in other countries around the world. Most recently, another new study conducted by Park+ has found something interesting. It has been reported that a significant portion of Indian electric vehicle (EV) owners are reconsidering their commitment to electric mobility. The study has indicated that 51% of EV owners in major cities such as Delhi NCR, Mumbai, and Bangalore are contemplating a return to internal combustion engine (ICE) vehicles.
In-Depth Look at the New Study
According to the latest survey conducted by Park+, which took responses from 500 EV owners, it has been revealed that a whopping 88% of EV owners experience more anxiety about finding accessible, safe, and functional charging stations than about the range of their vehicles.
Many responders of the survey and study highlighted that “charging anxiety” has become a more significant issue than the traditionally discussed “range anxiety.” For those who may not be aware, range anxiety refers to fears about the vehicle’s ability to cover long distances on a single charge.
Apart from this, the survey has highlighted that 73% of EV owners find maintenance costs unclear and problematic. They have reported that many local mechanics struggle with even minor EV issues, leaving owners without the ability to obtain second opinions on repair costs.
Hence, this uncertainty adds to the overall dissatisfaction among EV owners. Additionally, 33% of respondents noted a significant drop in the resale value of their EVs. The lack of standardized tests to evaluate the quality of an EV’s battery, which makes up 30% of the vehicle’s value, has also contributed to this depreciation.
Charging Infrastructure Woes
As touched upon earlier, the primary reason stated by EV owners for switching back to ICE vehicles is the lack of accessible and reliable charging infrastructure. Despite the presence of over 20,000 EV charging stations across India, visibility and accessibility remain major concerns.
Many EV owners limit their travel to short intercity trips under 50 kilometers due to the uncertainty surrounding the availability of charging stations. The inadequate charging network has led to an increase in the preference for the convenience and reliability of petrol or diesel cars.
Range Anxiety and Resale Concerns
Another one of the major reasons behind the results of the study can be attributed to range anxiety. The fear of being stranded without a charge restricts the freedom that vehicle owners typically enjoy.
This issue is compounded by the significant depreciation in resale value that many EV owners face. At the moment, the resale values of electric vehicles are uncertain, and hence they are suffering from more depreciation. In India, a country where buyers are already conscious about resale values, this issue has been emphasized.
Maintenance and Repair Challenges
Lastly, the unclear maintenance costs and the lack of repair options for EVs have also contributed to this sentiment. Many EV owners report that local mechanics are often unable to handle even minor issues.
This makes repairs expensive and inconvenient. Also, the inability to get second opinions on repair costs adds to the problem, leaving EV owners feeling trapped and dissatisfied.
Global Perspective
All of the above-stated challenges faced by Indian EV owners are not unique. A recent study by McKinsey & Co. has also found similar sentiments among American EV owners. The study revealed that 46% of American EV owners are considering a return to ICE vehicles.
This is primarily due to inadequate public charging infrastructure. Only 9% of the participants expressed satisfaction with the current public charging network. High ownership costs and limitations associated with long-distance travel were also significant factors driving this reconsideration.
Globally, the McKinsey study, which surveyed over 30,000 consumers across 15 countries, found that 29% of EV owners are likely to switch back to ICE vehicles. Inadequate charging infrastructure was a critical issue for 33% of these respondents. Additionally, the minimum range expectations among EV buyers have increased.
Why EVs are Losing Traction Globally?
The Park+ and McKinsey studies have highlighted that EVs are losing traction globally due to the above-mentioned challenges. The inconvenience of charging, particularly for long-distance travel, remains a significant barrier.
Additionally, the high initial costs of EVs, combined with unclear maintenance expenses, make them less financially viable for many consumers. Lastly, the environmental impact of EV battery production and disposal, along with the source of electricity used for charging, has raised numerous questions about the sustainability of EVs.